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Business Loan offerings and advantages in Madurai

High loan amounts
Business loan amounts can go up to Rs. 90 lakhs based on your business needs, such as expansion, inventory, working capital, and more.

Flexible tenures
Business loans have tenures that can extend up to 3 years based on the customer’s requirements.

Minimal documentation
You can apply online for a business loan with minimal documentation and no cumbersome paperwork.

Quick approval and disbursal
The verification and approval process is quick, and you can get your loan amount credited to your bank account in just a few days.

  • Loan Amount

    ₹ 0.40 lakh to ₹ 90 lakhs

  • Loan Tenure

    12 to 60 months

  • Self-Employed Non-Professional Interest rate starting @

    15%-25%

  • Self-Employed Doctors Interest rate starting

    @ 12.00%-15.00%

  • Self-Employed Professional Other than Doctors Interest rate starting

    @ 13.00%-17.50%

Business Loan EMI Calculator

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Loan duration
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12 Months 72 Months
Rate of interest
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10% p.a 19% p.a

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Special Scheme for Women Entrepreneurs

Are you a woman entrepreneur striving to run a successful enterprise in Madurai? Now you can get the financial support you need with the help of these excellent government schemes

Trade-Related Entrepreneurship Assistance and Development Scheme

A flourishing business is backed by a reliable source of finance and the expertise of the business owner. So, to help women entrepreneurs start their businesses, the Trade-Related Entrepreneurship Assistance and Development Scheme offers financial and training assistance to help grow your business in this competitive market.

Synd Mahila Shakti Scheme

Under the Synd Mahila Shakti scheme, women entrepreneurs who are small business owners, retail traders, and self-employed can avail of finance up to Rs. 5 crores to start a new business or expand their existing one. What’s more, you will also get a free credit card under this loan scheme.

Purpose of Business Loans

As the city of Madurai continues to grow economically, running a business here can be profitable but equally demanding. In such a case, you can avail a business loan for the following purposes.

Fulfill working capital needs

To ensure the smooth functioning of your business operations, you need a regular supply of working capital for everyday expenses. These include salaries, rent, utility bills, credit, and more. If you find yourself low on working capital, avail a business loan from Tata Capital for seamless operations.

Scale your business

Once your business picks speed, it is wise to start thinking about expanding your operations. Naturally, it will require significant capital investment – be it a new product launch, entering a new market, or expanding office premises. In such a case, you can get a business loan from Tata Capital to ease your worries and watch your business grow.

Repair machinery

A business loan can provide you with enough funds to repair and upgrade your machinery to maximise your business potential and thrive in the competitive market.

What are Interest Rates for Business Loans in Madurai?

In Madurai, several lenders and NBFCs provide business financing options. You can easily get a business loan in Madurai to arrange cash for your business, hire more workers, buy new equipment, expand your business, take your brand online, and many other purposes. Business Loans interest rates in Madurai depend on several factors such as your CIBIL score, income, business vintage, company tenure, and annual turnover. A high CIBIL score and a stable income increase the chances of your loan getting approved quickly and bagging lower interest rates. Additionally, if your company has been operational for several years, you can get preferential interest rates for your business loan.

Tata Capital offers you some of the lowest business loan interest rates in Madurai, so you can grow your business without worrying about the burden of repayment.

What are the eligibility criteria for a Business Loans in Madurai?

Document Submission

Business loan eligibility comprises basic conditions like CIBIL score, age, business turnover, and more that candidates must fulfil to avail business finance. Here are the Business Loans eligibility criteria for Tata Capital:

  • Age should be between 25 to 65 years

  • CIBIL score must be 700 or more

  • The candidate should own a business at least profitable for three successive financial years

  • The business turnover must display an upward trend

  • Your balance sheet be audited by a registered Chartered Accountant (CA)

What are the documents required for getting Business Loan in Madurai?

Last six months’ company bank statements

Last two years' Income Tax Returns

Last two years' balance sheet and Profit & Loss accounts

KYC documents of the company

KYC documents of the business owners

A report with detailed information about how the candidate will utilise the Business Loan

Photo identity proof (Aadhar card/ Driving licence/ Voter ID/ Passport)

Bank statements

Business proof

How to apply for a Business Loan online in Madurai?

1

Online Application

You can fill out the online form to apply for a Business Loan.

2

Document Submission

Post receiving your loan eligibility, furnish the required Business Loan Documents to take your application ahead.

3

Verification

We will verify your Business Loan application and documents. You may need to appear for a personal discussion.

4

Post Approval

Once the application is approved, we will send you a sanction letter.

5

Disbursal

You'll receive the loan amount straight in your bank account.

Apply Now

Other Ways to Apply for a Business Loan in Madurai

You can reach out to us in various ways to apply for a Business Loans in Madurai:

  • Visiting our Branch
    To apply for a business loan offline, simply pay visit to one of our country-wide branches and seek guidance from our loan specialists.

  • Call us to apply
    With Tata Capital, you can apply for a business online with just a call. Simply contact us at 1860 267 6060 and we will walk you through the process.

  • Apply with our Virtual assistant
    You can take the help of our loan processing virtual assistant to apply.

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Know more about Business Loans

Thinking of expanding your business?  Want to take your business to new heights? From expanding your operations to upgrading your equipment, Tata Capital has got your back! Let Tata Capital business loans fuel your entrepreneurial spirits and help turn your business dreams into reality!

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FAQs on Business Loan in Madurai

Why Tata Capital Business Loan?

Here’s why our Business Loan is the perfect match for you:

  • We don't ask for any security or guarantor for our Business Loan
  • You get the flexibility of choosing from business loan repayment options
  • For our existing customers, we regularly provide exclusive pre-approved offers on business loans
  • Convenient Online access to all details regarding your business loan.
  • We offer unsecured business loans up to ₹ 9,000,000
  • We seek minimum documentation
  • We give you quick online approval once you share the minimum documents we need

What the mode of repayment?

You can repay through Post Dated Cheques, Electronic Clearance Service (ECS) or Direct Debit.

Who can opt for a business loan in Madurai?

Business loans are available to both professionals and non-professionals that are self-employed. Business loans interest rates are highly competitive and are typically approved quickly. The following types of companies can secure business loans –

  • Sole proprietorship

  • Partnership firm

  • Private limited companies

  • Closely-held public limited companies

  • Societies

  • Trusts

  • Hospitals, nursing homes, diagnostic centres, pathological labs 

How does a business loan work?

A typical structure of a business loan involves a lending institution extending capital to a business owner, for which interest is charged. The business owner must pay back the business loan amount along with the applicable interest, in the form of Equal Monthly Instalments (EMIs), over a predetermined period of time known as loan tenure.

Three core components make up a business loan –

  • Principal amount – Also known as the loan amount, the principal is the sum of money a business owner borrows from a lending institution.
  • Rate of interest – The rate of interest is the cost of borrowing the business loan, generally expressed as a percentage of the principal amount. This is the amount that you need to pay in addition to the principal loan amount.
  • Loan Tenure – The tenure is the period for which the business loan is borrowed. Business loan tenure is calculated from the date of first disbursement till the date of payment of the final disbursement. 

What is the minimum CIBIL score to get a business loan in Madurai?

To avail a business loan, one must ideally have a CIBIL score of 700 or above. The same is true for both self-employed professionals such as doctors and engineers as well as self-employed non-professionals such as suppliers or manufacturers.

CIBIL or credit score plays a huge role in determining business loan eligibility. Since a company’s CIBIL score is its credit footprint, it enables lenders to know the timely repayment ability of the business loan applicant. 

What is the maximum tenure for a business loan?

Business loans are typically short-term loans. Though business loan tenure may differ from lender to lender, most lending institutions extend business loans for a tenure ranging from 12 months to 36 months. 

What are the different types of business loans?

Lending institutions offer different types of business loans, designed to meet specific needs. They are as follows –

  • Machinery loans – Machinery loans are designed exclusively to meet the expansion needs of businesses via the purchase of advanced machinery and equipment.

  • MSME/SME loans – Designed to encourage the growth of small and medium-sized business enterprises, MSME/SME loans is a credit facility that can be availed for purchasing equipment, meeting operational expenses, and upgrading infrastructure.

  • Business loans for women – These loans are extended to women business owners to help them expand their business and push them towards financial independence. 

How much EMI do I need to pay for a business loan?

The amount of business loan EMI that you will be required to pay towards the repayment of your business loan will largely depend upon three factors, as given below –

  • Principal loan amount – The higher the principal amount, the higher will be the EMI amount you will need to pay.

  • Rate of Interest – The higher the rate of interest, the higher will be the EMI amount you will need to pay.

  • Loan Tenure – The EMI is inversely related to the loan tenure. The shorter the loan tenure, the higher will be the EMI amount you will need to pay.

    For a quick and accurate assessment of your business loan EMIs, use a handy online tool such as the business loan EMI calculator. 

What can business loans be availed for?

Business loans can be availed for a variety of reasons. You can use different types of business loans to purchase infrastructure for expanding operations, to increase production via the purchase of new and advanced machinery, to purchase and store inventory in advance of seasonal sales, to build a workforce of skilled employees, and to increase working capital. 

Can I get a business loan without any collateral?

Yes, you can get a business loan without any collateral or security. 

How to get a business loan approved for an online business?

You can take an online business loan for your online retail store or e-commerce website. You must fulfil the following criteria for swift online business loan approval:

  • CIBIL score should be above 700

  • Your business must be profitable for three consequent financial years

  • Your turnover must show an upward trend

  • A CA should audit your balance sheet

Will a business loan affect my credit?

    Business owners have business and personal credit.

    Loans for sole proprietorship and partnership businesses are guaranteed by an individual. So, the loan is reflected in your personal CIBIL report. However, if your company’s structure is LLC, then the business loan affects only the business’ CIBIL score. 

How does a business loan affect taxes?

    Any interest levied on a business loan is exempt from taxation. This is because the interest paid is considered to be a business expense and not revenue. Registering as an MSME can also help you avail of business loan tax benefits on excise and other charges. 

    However, the principal amount is not tax-deductible.

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